Facebook announced Libra Blockchain and its cryptocurrency

Facebook has published this morning Libra Blockchain, a new open source blockchain, together with many partners, including Mastercard, Visa, Paypal (here you can find the entire list of partners https://libra.org/en-US/partners/).



Libra is a cryptocurrency based on a reserve in national currencies and other assets, which will allow and guarantee its stability over time.

Libra will be a global currency and blockchain-based financial infrastructure, destined for billions of people around the globe. In the plans of Facebook and its partners there is the desire to make money transfer  as simple as sending a message or a photo, with the integration of numerous services and applications.

Integrated services

Libra will be available on Whatsapp and on other Facebook ecosystem services from the beginning of 2020.

Facebook has also announced Calibra (https://calibra.com/), a subsidiary that will release an application intended for the use of Libra for the public.

The Libra Association

Libra Blockchain is governed by the Libra Association, a non-profit association of companies that will manage its reserves, global distribution and infrastructure.

For more information: https://libra.org/en-US/association/

The Move language

Along with Libra and its blockchain (completely developed in Rust, just like Tangram) a new programming language called Move was also announced, intended for the creation of smart contracts on the Libra Blockchain.

How it will work

All the accounts created will be verified through an identity document of those who want to create a wallet on the Libra Blockchain. Afterwards, the user will have the possibility to send almost instantaneous transactions on a global scale through the supported services, with very low commission costs.

Despite this, if someone wants to use the cryptocurrency without linking it to his identity, it will be possible to create pseudonymous accounts with third-party applications, as is now normally the case with existing public blockchains.

The future

Despite Libra Blockchain being born as a permissioned blockchain, the goal of Facebook and its partners is to create an open and permissionless blockchain in the medium term, with the possibility for anyone to participate in the network and validate transactions without authorization.

Tangram Crew